Who Is Lakshmi Mittal? The New Owner Of IPL Franchise Rajasthan Royals

Indian billionaire and businessman Lakshmi Mittal is making headlines after he acquired the Indian Premier League franchise Rajasthan Royals for a staggering USD 1.65 bn (roughly Rs 15,600 crore), along with his son Aditya Mittal and Adar Poonawalla.

The Mittal family will hold a controlling 75% stake in the franchise, while Poonawalla will own 18%. The remaining 7% stake will continue with existing investors, including Manoj Badale. The transaction reflects the overall enterprise valuation of the Royals' cricketing portfolio, which includes the men's team, Paarl Royals, and Barbados Royals.

The deal remains subject to standard closing conditions, including approvals from:

• The Board of Control for Cricket in India
• The Competition Commission of India
• The IPL Governing Council

Besides these three governing bodies, there will be other regulatory bodies whose permission will also be required. The deal is expected to be completed by the third quarter of the year. This development follows the withdrawal of the Kal Somani-Rob Walton-Sheila Ford Hamp consortium, which had earlier submitted a bid valuing the franchise at USD 1.63 billion.

Who Is Lakshmi Mittal?

Lakshmi Mittal is an Indian-born billionaire widely regarded as the "King of Steel." He serves as the chairman of ArcelorMittal, the world's largest steel and mining producer by output, and is also the executive chair of Aperam. According to Forbes, his net worth stands at around $28.4 billion (approximately ₹2.69 trillion).

Born in Sadulpur, Rajasthan, Mittal later moved abroad and is currently based in Switzerland after relocating from the United Kingdom in 2025. Over the years, he has consistently featured among the world's wealthiest individuals, most notably ranking third globally in 2005, becoming the first Indian to break into the top 10. He was ranked sixth in 2011 before slipping to 82nd place in 2015.

A Career 'FORGED IN STEEL'

Mittal was born in 1950 and began his professional journey in his family's steel business. In the 1970s, he relocated to Indonesia, where he took charge of a struggling steel plant and successfully turned it around. This experience laid the groundwork for his global expansion strategy.

Over the following decades, Mittal built a vast industrial empire by acquiring underperforming steel assets across different regions and reviving them into profitable operations. His defining moment came in 2006, when his company merged with Arcelor to form ArcelorMittal, establishing the world's largest steelmaker.

As executive chairman, Mittal has overseen a global network spanning Europe, the Americas, Asia, and Africa. His business approach has largely centered on scale, operational efficiency, and transforming distressed assets into high-performing enterprises.